Leucadia Asset Management formed a strategic relationship with a newly formed credit long/short firm, ISO-mts Capital Management.
As part of the agreement, Leucadia, the asset management division of Jefferies, will invest long-term capital into the strategy managed by credit veterans Justin D’Ercole and Paul Feidelson. The new firm invests in bank credit-related instruments, including securities banks issue across the capital stack — senior bank securities, covered bond securities, senior holding company securities, tier tow securities and preferred/additional tier 1 securities.
“Justin D’Ercole and Paul Feidelson bring decades of public and private market intelligence to this niche, but scalable, asset class,” said Leucadia Co-Presidents Nick Daraviras and Sol Kumin in an announcement of the partnership. “Our strategic relationship will differentiate ISO-mts in the marketplace and support its ability to scale efficiently to achieve long-term success.”
D’Ercole was a managing director and co-head of Global Debt Syndicate at Barclays, where he led a team that advised, structured, and distributed more than $100 billion of bank securities annually and served as Barclays’ primary syndicate relationship with over 25 banks in the U.S., U.K., France, Spain, Italy, Sweden, Germany, Japan, and The Netherlands.
Feidelson has over 25 years of experience in Fixed Income Trading and Origination. For the past seven years, Paul was responsible for Mizuho Securities short-term investment grade credit origination business.
“Our strategic relationship with Leucadia Asset Management is transformational for ISO-mts. Leucadia Asset Management’s experience, insights, resources, and vision will allow our people and business realize their full potential. Their confidence in ISO-mts validates our investment strategy and positions us on the right growth trajectory,” said D’Ercole and Feidelson in a joint statement.
Also joining the firm are Joann Petrossian as managing director, head of investor relations and Amy Hazelton as managing director, portfolio manager. All four executives were formerly colleagues at Lehman Brothers Inc.
